Today's Early Winners and Losers

Finisar (FNSR) shares jumped 15% in late trading Thursday after the company posted better-than-expected results for its fiscal third quarter.

Finisar, which makes fiber-optic systems for high-speed data networks, said it swung to a third-quarter profit of $8.3 million, or 3 cents a share, from a year-earlier loss of $33 million, or 15 cents a share. Excluding certain items, earnings also were 3 cents a share, compared with a year-earlier loss of 4 cents a share. Analysts polled by Thomson First Call expected roughly break-even results on this basis. Revenue for the quarter ended Jan. 31 jumped to $93.5 million from $73.1 million. Two analysts had an average estimate for revenue of $90.2 million. Finisar also benefited from improved gross margins, which rose to 38.8% from 29.8% a year earlier. Shares traded up 44 cents after hours to $3.35.

Source Interlink (SORC) shares jumped after the entertainment-product merchandising company said it is exploring strategic options. The company hired an affiliate of Yucaipa Cos. to serve as a consultant in the process. Yucaipa is an affiliate of AEC Associates -- Source Interlink's largest shareholder. Source Interlink shares were up 68 cents, or 6.7%, to $10.84 in after-hours trading.

Shares of Novell (NOVL) dropped after its second-quarter guidance fell short of expectations. The Linux software company said earnings available to common shareholders for its first quarter was $2 million, or less than 1 cent a share. A year earlier, earnings were $392 million, or 90 cents a share, including a $448 million gain. Excluding items, the company posted earnings for the latest quarter of 4 cents a share, topping analysts' mean estimate by a penny. Sales fell to $274 million from $290 million, but beat Wall Street's target of $269.3 million.

Novell predicts second-quarter earnings of 2 cents to 3 cents a share on sales of $272 million to $282 million. Analysts project earnings of 4 cents a share and revenue of $282.2 million. Novell sank 67 cents, or 7%, to $8.86 after hours.